The next two questions are based on the following information: Assume that Forrest Company uses the LIFO accounting method. In year X1, Forrest reported the following information: Units Unit Cost Total Cost Beginning Inventory (1/1/X1) 1,000 10 10,000 Purchases (year X1) 2,000 11 22,000 Year X1 Sales 1,500 Ending Inventory (12/31/X1) 1,500 Based on the above information, Forrest Company will report which of the following amounts for its LIFO Inventory on 12/31/X1? Select one: a. $15,500 b. $16,000 c. $16,500 d. None of the Above